PCCP, Alliance Residential Snap Up Garden-Style Riverside Complex
A joint venture between PCCP and Alliance Residential Company completed the $65.3-million acquisition of The Hawthorne, a 184-unit multifamily community located at 9170 Indiana Ave. in Riverside. The seller was not disclosed.
Delivered in 2023, The Hawthorne is a garden-style multifamily community consisting of 16 three- and two-story buildings and one single-story amenity building. The property is characterized by townhome-style architecture and offers a mix of one-, two-, and three-bedroom floorplans averaging approximately 873 square feet. Onsite amenities include a resort-style pool and spa with cabanas, multiple landscaped courtyards with BBQs and fire pits, a clubhouse with entertainment areas, and a fitness center.
“This acquisition represents an opportunity to partner with Alliance to acquire what we believe is a well-located, Class A community at a solid basis in a high-growth Southern California submarket with strong long-term demographic and demand drivers,” said Michael Johnson, managing director with PCCP.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout